Poloniex – New Developments And Imminent Expansion To India

Many cryptocurrency veterans recommend picking the right cryptocurrency exchange when one is trading for the first time. There are a number of factors to consider when making this choice, such as the number of tokens available, the transaction fees and security. However, the experience and age of the cryptocurrency platform play an important role too. Normally, people gravitate towards crypto platforms which have been active for more than 5 years. One such example is Poloniex, a platform established back in 2014. 

An Overview of Poloniex

Poloniex is a global cryptocurrency exchange founded back in 2014. The exchange provides new and innovative crypto assets with  over 530 spot trading pairs and 27 future trading pairs available. Users can also trade Bitcoin, Ethereum and other perpetual swap contracts with up to 100x leverage on futures. It also allows traders the opportunity to earn without trading, as they can lend their BTC, USDT, USDC and several other crypto assets to earn interest directly in their accounts. 

Poloniex was among the first to list Tether (USDT) and Ethereum (ETH), as well as altcoins like Ethereum Classic (ETC), Zcash (ZEC) and AMP. In 2017, when the prices of crypto kept hitting new all-time highs, Poloniex became the biggest altcoin exchange by volume. Currently, it is among the world’s top 20 cryptocurrency exchanges according to CoinMarketCap.

After H.E. Justin Sun’s acquisition in 2019, Poloniex has really focused on its diverse global customer base. This year has been incredibly busy for Poloniex to date, with several important developments and updates announced. 

Remarkable Features of Poloniex

There are more than 350 cryptocurrencies and tokens available at Poloniex for trading including Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu and others. The platform also allows trading of Baby Dogecoin, Dogelon, Dogs of Elon and some other volatile currencies. Additionally, holding TRON can qualify traders to access discounted fees. 

The trading platform includes a chart with several indicators. It’s very easy to view recent trades, outstanding order books, your open orders and a quick trading form. The active trading platform they provide is preferred by experienced traders who have prior experience with cryptocurrency, stock trading, or other active markets. 

Poloniex apps are available for both Android and iOS device users.  The platform is known for charging low fees. Fees are as low as 0.0145% if one trades less than $50,000 per 30 days for maker trades and 0.155% for taker trades. Poloniex offers customer support through email with instantaneous replies. Apart from submitting a basic contact to open a customer support ticket, there is also a FAQ section to shed some insight.

Poloniex has established collaborative relationships with a lot of relevant institutions and organisations to reduce crime rates return stolen funds and protect traders in the industry. The platform’s security mechanism, risk control strategy and process, as well as technical performance, are better than some other exchange platforms. 

Expanding Services to the Indian Region

India has always been home to a substantial number of cryptocurrency traders and enthusiasts and the number is steadily growing. However, access to cryptocurrency trading isn’t that straightforward, due to stringent and sometimes, ambiguous laws set up by the judiciary in the country. While several Indian traders existed on the Poloniex platform before this, hurdles existed. Now, The Poloniex team has decided to expand its services to include the Indian region. Local team in India has been set up to strenghten the direct communications with local communities and better serve its users.  

Partnership with Polygon

Poloniex has announced a collaboration with Polygon, one of the leading platforms for Ethereum scaling. The partnership is aimed at empowering Web3 development and adoption, as well as collaborative efforts in various fields. Polygon’s scalping solutions have been widely adopted, with more than 142 million unique users, more than 9K Dapps and more than 3.4 billion total transactions processed. This collaboration enables Poloniex to cater specifically to market needs and work efficiently towards strengthening its foothold in the Indian market. It also shows the trust and welcome of the leading communities in India to Poloniex.

Poloniex Global Tour

Poloniex started its global tour this year to expand its footprints worldwide. To announce the arrival of its new trading system, Poloniex has decided to host an offline event in India in mid-July 2022. Poloniex has already introduced themselves in the first ever physical event, taking place on May 8th in Kuala Lumpur. This event was branded as the first stop of the Poloniex Global Tour, with more to come in the APAC region. 

Conclusion

It is true that the cryptocurrency industry on the whole is still at a fledgling stage. However, the team behind Poloniex is committed to building a healthy, equal and transparent industry. Security is still the biggest challenge for the crypto exchange, which it is facing head on. The main focus of the internal team is on technological leadership, safety prioritisation, and higher security services for global users.

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.